Tax Year 2023 is coming to a close, which means that the filing season of 2024 is upon us! We’ve created this guide, so you don’t miss the 2024 ACA deadlines.
When each tax year, or calendar year, comes to a close employers must ensure that they meet all IRS tax requirements regarding Affordable Care Act (ACA) filing. This can include submitting their Form 1095-B or Form 1095-C filings, sending out recipient copies, making any necessary corrections, and ensuring that they have met done so within the allotted time frame.
Now that tax year 2023 is coming to a close, employers will be expected to fulfill their IRS requirements by the 2024 ACA deadlines.
2024 ACA Deadlines
As a best practice, we recommend getting started on your filings as early as possible. This ensures that you have ample time to collect the required information, complete the necessary forms, and verify the information for possible typos and other errors.
The IRS filing season 2024 deadlines for tax year 2023 are as follows:
|2024 ACA Deadlines||Date|
|Paper File Deadline||February 28, 2024|
|Recipient Copy / Furnishing Deadline||March 1, 2024|
|E-file Deadline||April 1, 2024|
Please note that these are just the federal deadlines. Please verify with your state for any state ACA requirements and the proper submission methods.
Penalties for ACA Forms
Both types of ACA filings (B-series and C-series) require that the filer submit a return to the IRS, any applicable states, and to the recipients. If any of these requirements are not met, then the filer or employer, may be subject to fines and penalties.
If an employer fails to file, then the IRS will send out letter 5699 which serves as a “warning” letter. If no action is taken, then it is typically followed up with letter 226-J which contains the penalty amount and other information. Employers may also receive a Letter 1865C notice if they submit a filing in which some or all forms cannot be processed.
If you are required to file these information returns and fail to file or fail to furnish forms by the due date, then you may be subject to the following IRS Penalties:
- Failure to file correct forms – $310 per form, maximum of $3,783,00.
- Failure to furnish recipient forms – $310 per form, maximum of $3,783,00.
- Failure to file electronically, when required to do so – $310 per form.
We have a plethora of resources to ensure that you’re up-to-date on the latest tax news. Check out our guides below:
- Form 1095-B Essential Guide
- Form 1095-C Essential Guide
- Form 1095-B – Step-by-Step Filing Guide
- Form 1095-C – Step-by-Step Filing Guide
- ACA and the Inflation Reduction Act of 2022
Be sure to stay on top of all of the deadlines throughout the year! Check them out here:
BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.